The EURUSD pair displays encouraging signs as a bullish channel has emerged, suggesting potential for further upward movement. Currently, prices are consistently trading above the 24-period Moving Average (MA), which serves as a dynamic support level.
As long as the price remains above the 24 MA, the likelihood of continuing the upward trend increases significantly. Additionally, the MACD indicator also provides a bullish signal, with its histogram in positive territory and the signal line trending upwards, indicating that buying momentum remains strong.
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The EURUSD is poised for further gains after forming a bullish channel on the 15-minute timeframe, reflecting that the positive trend is intact. Furthermore, the Stochastic indicator is currently situated in the oversold zone, signaling a diminishing selling pressure, thereby increasing the chances of an upward reversal. If the price maintains its position within the bullish channel and the Stochastic starts to ascend, EURUSD could potentially test the resistance level of 1.09670.
Technical References: buy as long as it is above 1.08860
Potential Take Profit 1: 1.09535
Potential Take Profit 2: 1.09670
Potential Stop Loss 1: 1.09020
Potential Stop Loss 2: 1.08860
